130725 - presentation of the half-year results 2013 icade – vuk

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Disclaimer

This presentation is not an offer or a request for an offer to sell or exchange securities, or a recommendation to subscribe, buy or sell Icade securities. Distribution of this document may be limited in certain countries by legislation or regulations.

As a result, any person who comes into possession of this document is required to familiarise themselves and comply with such restrictions. To the extent permitted by the applicable laws, Icade excludes all liability and makes no representation regarding the violation of any such restrictions by any person whatsoever.

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After the initial offer, Icade owned 88% of Silic on 22 July

The offer has been re-opened until 2 August

► As announced, Silic will be consolidated within Icade's financial statements from 22 July 2013

► As a result, all figures in this publication for the period ended 30 June 2013 relate to Icade

on a stand-alone basis (without Silic)

► Silic will publish results for the first half of 2013 on 26 July 2013

Introduction

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(1) Depending on the reopened offer's success rate

Current situation: Icade owns 88% of Silic

as at 22 July 2013

Reopening of the offer until 2 August 2013

CDC

HoldCo

ICADE

Other

Groupama

& Mutuals

[52-54]% (1)

SILIC

75% 25%

Other

[88-100]% (1)

Merger Objective: completion before

end-2013

CDC

HoldCo

ICADE +

SILIC

Other

48%

Groupama

& Mutuals

75% 25%

[46-48]% (1) 52%

[0-12]% (1)

Acquisitions of Silic Next steps

CDC

HoldCo

ICADE

Other

Groupama

& Mutuals

SILIC

75% 25%

Other

46%

12% 88%

54%

CDC remains Icade's controlling shareholder

1 Strengths of the Icade business model

Optimising the asset portfolio

Matching the portfolio with demand

Strengthening the financial position

Managing risk

Adopting a clear CSR policy

2 Financial results

3 Opportunities and strengths

4 Appendices

Parc du Millénaire, Paris 19th

C o n t e n t s

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Solid key indicators

Consolidated EBITDA: €188m LTV: 39.5%

EPRA triple net NAV: €78.9 per share Consolidated net current cash flow: €123m

39.5% 39.8% 39.5%

June 2012 Dec 2012 June 2013

€80.8 / share

€80.7 / share

€78.9 / share

€4,189m €4,190m €4,079m

June 2012 Dec 2012 June 2013

€180m €188m

June 2012 June 2013

► Consolidated net current cash flow rose by 9.3% due to firm growth in EBITDA,

particularly in Commercial Property

► Net current cash flow restated for minority share holders of Icade Santé was

stable relative to the first half of 2012 at €108m or €2.08 per share

► A solid financial position and stable LTV

► Taking into account assets covered by a promise of sale at 30 June

2013, the adjusted LTV is 38.4%

► EPRA triple-net NAV per share down 2.2% relative

to 31 December 2012, mainly due to the €3.64-per-share dividend payment

in April 2013 and the value adjustment on Tour EQHO

► Excluding EQHO, there was little change in value on like-for-like portfolio

(+0.1%)

► Total EBITDA rose by 4%, mainly due to efficient rental management, acquisitions

and a reduction in intra-group transactions between the Development and Property

Investment divisions

► EBITDA restated for minority share holders of Icade Santé fell because

of non- strategic asset disposals in 2012 and 2013 (-2%)

€113m €123m

€108m (1) €108m (1)

Juin 2012 Juin 2013(1) NCCF restated for minority share holders of Icade Santé





Managing risk


2 Financial results


4 Appendices

C o n t e n t s

Front Populaire metro station (extension of the 12 line) in the Parc des Portes de Paris (Saint-Denis)

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Strengths of the Icade business model S

tren

gths

of t

he Ic

ade

busi

ness

mod

el

Optimising the asset portfolio ► 94% of the portfolio now consists of strategic and alternative assets

► €199m of investment in H1-2013 including €195m in strategic activities and alternative assets

► €264m of disposals involving non-strategic assets (residential, warehouses, Germany)

► Continuation of the strategy through the current combination with Silic

Matching the portfolio with demand ► Assets located in the main business districts of the Paris region, benefiting from recent or upcoming development

of public transport, strengthened by the current Silic transaction

► Recently built properties, meeting the toughest environmental standards

► Success in terms of the main rental conditions, leading to an occupancy rate of almost 96%

Appropriate financing structure ► A solid financial position and a balanced maturity schedule

► Acknowledged credit quality, allowing access to financing

► Available credit facilities making the Silic deal possible

Managing risk ► Specific approach to the development market

► Major potential for increasing rents on existing properties, including EQHO, and secure projects

► Firm grip on the pipeline, allowing major flexibility in initiating operations

Adopting a clear CSR policy ► Strong CSR fundamentals, including a CSR governance policy since 2008, a plan of action and Icade's involvement in France's

sustainable building plan and the France Green Building Council

► A new CSR policy based on 4 themes, 12 commitments and 63 initiatives

► Environmental awareness policy rolled out across all sites in 2013

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Optimising the asset portfolio Breakdown of the portfolio by strategic sector between 2009 and H1-2013

Ongoing move to focus on commercial property

(1) 100% value - restated for minority share holders, the Healthcare business accounts for 18% of total assets

Total portfolio value: €6,746m

at 30 June 2013

2009 2013

Shopping centres

€281m

Healthcare

€661m

Offices, France

€1,162m

Business parks

€1,289m

Offices,

Germany,

Warehouses

and

Residential

€2,411m

Alternative 16%

Strategic 42%

Non-strategic 42%

22%

20%

42%

5%

11%

Total portfolio value: €5,804m

at 31 December 2009

Alternative 34%

Strategic 60%

Non-strategic 6%

Shopping centres

€446m

Healthcare (1)

€1,845m

Offices, France

€2,423m Business parks

€1,603m

Offices,

Germany,

Warehouses

and

Residential

€429m

24%

36%

6%

27%

7%

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Optimising the asset portfolio Investments and disposals

Investments: €199m Disposals: €264m (capital gains: €39m)

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Active portfolio rotation policy, allowing the portfolio to be streamlined

Warehouses, office and retail property ► Disposal of 380,000 m2 of warehouses (11 logistics platforms)

and 1,700 m2 of offices on a joint-ownership basis: €152m

► Disposal in July 2013 of 2 warehouses with total space of

16,600 m²: €6m

► Contracts exchanged in June 2013 for the Factory building

in Boulogne, with total space of 13,800 m2 : €103m

Offices, Germany ► Disposal of a business park in Berlin and an office building in

Stuttgart for €50m

► Sale contracts exchanged on land located in Munich, Berlin and

Dusseldorf for €36m

Residential ► Sale of an entire development of 849 homes in Sarcelles (93)

and ongoing sales of single homes with 50 units sold in H1-

2013 for €49m

Other disposals ► April 2013: disposal of Icade Suretis, specialising in security

and remote surveillance services

► April 2013: disposal of the Property Development division's

building engineering business

► Disposal of Icade's stake in the SAS PNE refurbishment

company

Tour EQHO (La Défense)

Millénaire 3 (Paris 19th)

Healthcare

Completion of 79,200m² of usable space in July 2013

€37m of investment in H1 2013

First high-rise building with HQE® Rénovation and

BREEAM®-Very Good certification / BBC Rénovation

certification

Completion of 32,000 m² expected in 2015, fully let

to the government €14m of investment in H1 2013

HQE® and BREEAM®-Excellent certification

BBC certification

Acquisition of three clinics and one extension

managed by first-class operators, for €111m

Building 521 (Aubervilliers, 93)





Managing risk


2 Financial results


4 Appendices

C o n t e n t s

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Nanterre

Courbevoie

Puteaux

8

12

15

19

1 2

3

4

5 6

7

9 10

11

13 14

16

17 18

20

Maisons-Alfort

Villejuif

Issy-les-Moulineaux

Boulogne

Neuilly

Nanterre

St Denis

Rueil-Malmaison

>€100m €50m to €100m €0m to €50m

Courcouronnes Evry

Aubervilliers

Offices Business parks

Paris 19th

Aubervilliers

St Denis

BUSINESS PARKS

La Défense

Matching the portfolio with demand Location of business parks and offices in the Paris region

Assets located in the main business districts of the Paris region, benefiting from recent or upcoming transport development,

and strengthened by the combination with Silic

Le

Mil

lén

air

e

sh

op

pin

g c

en

tre

A

ub

erv

illie

rs

Le

Mil

lén

air

e

Pa

ris 1

9th

M

etr

op

oli

tan

V

ille

juif

To

ur

PB

5

La

Défe

nse

C

rys

tal

Pa

rk

Neu

illy

To

ur

EQ

HO

L

a D

éfe

nse

Hau

ss

ma

nn

Pa

ris 8

th

LIN

K

Pa

ris 1

5th

Str

engt

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3 Matching the portfolio with demand

Focus on business parks

1. North-East Paris

2. ZAC Claude Bernard

3. Gare des Mines-Fillettes

OTHER PROJECTS

M2 M1

M5

M6

M4 M3

Str

engt

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Icad

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SAINT

DENIS

PARIS

An area very well served by public transport…

Stops on the 239 and 65

bus lines

M

Front Populaire station

(phase 1) opened on 15 Dec 2012

Tram line

Opened on 15 Dec 2012

12

3 T

Planned tram line 8 T

E AUBERVILLIERS

Metro Ilot E

Extension of the RER E line

(Rosa Parks station)

Due to come into service in

2015

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1,598

2,023

4,241

4,611

1,658

2,140

4,438

4,835

Parc du Mauvin Parc des Portes de Paris Parc du Pont de Flandre Parc du Millénaire

Value at 31 December 2010 Value at 30 June 2013

152 172

295 292

160 178

309 327

Rent at 31 December 2010 Rent at 30 June 2013

Average values and rents by park (€ / m²)

+5.8%

+4.6% +4.9%

+3.8%

... with a significant impact on rents and values

Matching the portfolio with demand Focus on business parks

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Proportion of strategic portfolio

in the Paris region: 99%

Portfolio mostly consisting of offices and business parks, located mainly in the most resilient districts within the Paris region

Total value of the commercial portfolio:

€6,547m at 30 June 2013

Take-up in the main districts within the Paris region (thousands of m²)

196

128

74

118

36

151

71

43

152

55

146

75

41

150

32

Paris CBD

Paris otherbusiness districts

La Défense

Western Crescent

Northern sector

H1 2011 H1 2012 H1 2013

Str

en

gth

s o

f th

e Ica

de

bu

sin

ess m

od

el

-26%

-41%

-45%

+27%

-11%

% : average annual change

(1) Levallois, Neuilly, Boulogne-Billancourt and Issy-les-Moulineaux

(2) Saint-Denis, Saint-Ouen, Clichy, Aubervilliers and Paris 19th

(1)

(2)

Source: MBE Conseil / Immostat

11%

Western Crescent

€1,001m

Inner suburbs

€1,421m

Paris

€1,086m

La Défense

€715m

Germany

€181m

French provinces

€1,781m

22%

15%

17%

27%

3%

Outer suburbs

€362m 5%

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Gatching the portfolio with demand Operational indicators and main lettings

Healthy operational indicators providing good visibility on future cash flows

Occupancy rates rising

► Financial occupancy rate of 95.9% in June 2013

(94.8% in December 2012)

► Voluntary vacancy rate maintained and short

lease terms in business parks so as to

give more flexibility in asset management terms

Financial occupancy rate

Str

en

gth

s o

f th

e Ica

de

bu

sin

ess m

od

el

91.0%

92.5%

94.7%

93.3%

94.8%

95.9%

88.7%

91.0%

93.4%

90.8%

92.6%

94.3%

Dec-10 June 11 Dec-11 June 12 Dec 12 June 13

Commercial property Offices and business parks

Beauvaisis (Parc du Pont de Flandre,

Paris 19th)

3,350 m2 let to ARD

Remaining space to let: 8,400 m2

Factory (Boulogne, 92)

39% of space let to Paris Saint

Germain at 30 June 2013 (5,400 m2)

Building on which sale contracts have

been exchanged

Millénaire 5 (Parc du Millénaire,

Aubervilliers, 93)

76% of space let to Numergy and

Radiall at 30 June 2013 (965 m2)

Remaining space to let: 500 m²

(Icade's share)

Main lettings in the strategic portfolio

(1) Including Tour EQHO, completed in July 2013, in the indicators would give

a financial occupancy rate of 88.5% at end-June 2013

(1)

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Matching the portfolio with demand Operational indicators

Due to successes on the main identified rental challenges, all buildings are now partly or fully occupied

Str

en

gth

s o

f th

e Ica

de

bu

sin

ess m

od

el

Remaining committed lease term (years)

Stable remaining committed lease term

► Leases renewed in the first half of 2013 with committed terms of 8 years

Rents broadly in line with market rental values

6.2 6.0 6.2 6.0 6.4 6.3

5.2 5.2 4.9 4.7

5.0 4.8

Dec 10 June 11 Dec 11 June 12 Dec 12 June 13

Commercial property

Offices and business parks

Lease expiry schedule

(% of annualised rent)

Tenant departure risk well spread on a short-term view

Good visibility on future net current cash flow

0%

5%

10%

15%

20%

25%

30%

2013 2014 2015 2016 2017 2018 2019 2020 2021 >2021

Next break





Managing risk


2 Financial results


4 Appendices

Le Beauvaisis (Parc du Pont de Flandre, Paris 19th)

C o n t e n t s

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Debt at 30 June 2013

LTV stable at below 40%, in line with management targets

Active policy of maintaining debt maturity

Managing risk through cautious interest-rate hedging and using appropriate

instruments

No covenant issues

30/06/2013 31/12/2012

LTV (Loan To Value) (1) 39.5% to 38.4% 39.8% to 38.4%

ICR / EBITDA 3.15 3.58

Net debt (€m) €2,662m €2,725m

Average term of debt 4.3 years 4.3 years (2)

Average cost 3.84% (average 3-month Euribor in H1-2013: 0.21%)

3.83% (average 3-month Euribor in 2012: 0.57%)

Hedging (average hedge term: 3.0 years)

88% 91%

(1) 38.4% adjusted for assets covered by a promise of sale

(2) After taking account of the mortgage loan on the Parc du Pont de Flandre arranged in December 2012, with funds available in January 2013

Ach

ievi

ng a

str

onge

r fin

anci

al p

ositi

on

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Debt at 30 June 2013 A

chie

ving

a s

tron

ger

finan

cial

pos

ition

Drawn debt maturity schedule in € m (1) Debt by type

Financial structure remains solid

Debt mainly relating to assets in the Property Investment division and mainly consisting of unsecured

corporate financing

Firm grip on liquidity risk: substantial available credit facilities (€870m), equal to 26.7% of consolidated

gross debt and covering 18 months of capital and interest payments on debt

Ability to raise large amounts of financing in innovative ways (€1.5bn club deal, mortgage finance from an

insurer, private placement etc.)

31

635

462

367

578

142

57 106

480

-

100

200

300

400

500

600

700

H2 2013(2)

2014 2015 2016 2017 2018 2019 2020 2021and +

(1) Excluding debt relating to equity interests, bank overdrafts including repayment of the Silic intragroup loan (2) Excluding €80m of maturing debt currently being renewed

Bank overdrafts

1.7%

Corporate

borrowings

73.1%

Mortgage

debt

17.7%

Other

0.4%

USPP

2.9%

Finance

leases

4.2%

Parc des Closbilles (Cergy, 95)





Managing risk


2 Financial results


4 Appendices

C o n t e n t s

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Managing risk A specific approach to the development market

Residential ► Development work only launched after a sufficient level of reservations has been achieved

► Land options: land not bought until the development can be started,

i.e. until pre-marketing can commence

► Increasing proportion of first-time buyers and institutional investors

Commercial ► Very limited exposure to speculative developments (around 13% of floorspace in projects

currently underway)

► Business levels evened out by more recurrent public-sector developments, which carry no marketing

risk

Development accounts for only around 6% of capital employed at Icade

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Institutional

investors

First-time buyers

Breakdown of customers Breakdown of investors

by tax regime in 2013

Private

investors

32.5% 17.3%

32.2% 40.8% 43.8%

28.5% 46.5%

29.5% 34.2% 36.1%

39.0% 36.2% 38.3% 25.0% 20.1%

2009 2010 2011 2012 S1 2013

LMP / LMNP

1% Other tax relief

9%

Duflot

86%

Scellier

4%

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Managing risk Residential development - key indicators

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Housing reservations - Value (€m)

390

230

459 512

460

555

435

697

463

359 458

H12008

H22008

H12009

H22009

H12010

H22010

H12011

H22011

H12012

H22012

H12013

Backlog - €m

519 650

811

1,028 1,082 1,160

0

200

400

600

800

1000

1200

1400

2008 2009 2010 2011 2012 H1 2013

Disposal rate of marketable stock

5.3%

9.2%

13.4% 12.7%

8.2% 7.1%

0%

5%

10%

15%

2008 2009 2010 2011 2012 H1 2013

Unsold homes - Value (€m)

49

40 33

16 21 22

0

10

20

30

40

50

60

2008 2009 2010 2011 2012 H1 2013

-1.5% +7.2%

+5.7%

-13.0%

Most residential developments have NF Logement and BBC certification

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Managing risk Commercial and public-sector development

Commercial and public-sector development revenues

(€m)

Intragroup revenues

(€m)

Commercial property development: limited exposure to “speculative” developments,

with most current developments secured by investors or tenants

► Under development: potential revenue of €281m from 307,400 m²

► Under preparation: potential revenue of €1,089m from 575,900 m²

Public-sector property development: resilient business with no rental risk

► Under development: €95m from 109,000 m²

► Under preparation: 189,200m²

Most projects have HQE® or equivalent certification

0

50

100

150

200

June 2010 June 2011 June 2012 June 2013

PM, engineering and other

Commercial and retail

Public and healthcare

178 177 156

36

24

10

3

0

5

10

15

20

25

30

35

40

June 2010 June 2011 June 2012 June 2013

Controlled exposure to market risk: limited risk given the special characteristics of the Icade model

Str

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(1) PNE housing business transferred to Residential Development and separation of the PNE Refurbishment business

(1) (1)

168

(1)

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Managing risk Focus on the Pipeline 2013-2017

Investment at the cutting edge of sustainable development

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Main

investments Space

Completio

n Total

investment (1)

Investment

H2 2013-2017 Gross

rent

Yield

Millénaire 3 HQE® / BBC /

BREEAM®-Excellent

32,000 m2 Q2 2015

€388m €330m ~ €28m 7.2%

Let to the

Ministry

of Justice with

option to buy

Veolia project HQE®, BREEAM®-Very

Good, RT2012, BBC

45,000 m2 Q2 2016 Let to Veolia

Environnement

Clinics: extensions /

redevelopment €90m €70m ~ €6m 7.1% Let

Total investment in secured projects €400m

(1) Total estimated investment, including duties and fees (including land charges for business park developments, financial costs relating to works and, if applicable, rent-free periods and user works). For business parks, the gross value of land and buildings to be demolished for the construction of projects is included in the production costs for new developments

Main

investments Space

Completio

n Total

investment (1)

Remaining

investment

Expected

gross

rent

Yield

Millénaire 4 HQE®, BREEAM®, BBC,

RT 2012

24,800 m2 not

started €109m €91m ~ €9m 8.1% Projects under

control and

ready to be

started (pre-

marketing

underway)

Ilot E HQE®, BREEAM®-

Excellent, BBC, RT 2012

28,300 m2 not

started

€107m €99m ~ €9m 8.1%

Total investment in projects under control €190m


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3 Managing risk

Potential IFRS rent

Potential for increased IFRS rent before indexation (in €m)

Commercial Property division (before integration of Silic)

384

412

464 (5)

+12

+17 +6

+49

(15)

+18

Potential rental growth of around 20% within 4 or 5 years

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IFRS rental income June 2013

Disposals (contracts exchanged)

Millénaire 3 (completion:

2015)

Veolia project

(completion: 2016)

Clinics: extensions /

redevelopment

Secure rent

Potential rent (including Tour

EQHO)

Disposals of remaining non-strategic assets

Other projects identified but

not yet commenced (PDM4, Ilôt E)

Potential rent





Managing risk


2 Financial results


4 Appendices

Vert & O (Aubervilliers, 93)

C o n t e n t s

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Strong CSR fundamentals

Icade's fundamentals

► General-interest approach taken by Caisse des Dépôts, the long-

standing controlling shareholder

► A CSR governance policy since 2008, along with a plan of action

► Icade's involvement in France's sustainable building plan and the

France Green Building Council

Bui

ldin

g 27

0

(Aub

ervi

llier

s)

Mill

énai

re 1

(P

aris

19t

h)

Le M

illéna

ire s

hopp

ing

cent

re (A

uber

villie

rs)

Vill

as C

lara

S

tras

bour

g

Achievements

► First HQE® commercial certification in 2005

► First HQE® Exploitation certification in 2009

► First HQE® Commerce certification in 2011

► First apartment block with BBC certification completed in 2011

► First HQE® Aménagement certification in 2012

► In 2012, 98% of residential floorspace service orders had BBC certification, ahead of RT

2012 coming into force on 1 January 2013

Committed staff

► Staff are increasingly taking ownership of Icade's social and environmental values in their

business activities, and employee commitment has since 2008 been measured using an annual

CSR index

► On 17 December 2012, management and unions unanimously signed an agreement covering

all Icade employees regarding the organisation of work, working hours and dialogue between

management and labour Ado

ptin

g a

clea

r C

SR

pol

icy

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Adopting a clear CSR policy 4 themes, 12 commitments and 63 initiatives

Ado

ptin

g a

clea

r C

SR

pol

icy Carbon-based

energy

1 Minimise energy

consumption in

commercial

buildings

2 Reduce the carbon

footprint

Buildings and

sustainable cities

3 Increase adoption

of certifications

4 Improve the

performance of

commercial

properties

5 Develop eco-

districts

6 Encourage mobility

7 Improve

management of air

quality

Corporate

motivation

8 Emphasise

environmental

values

9 Improve quality of

life at work

10 Adopt more

environmental

initiatives

Stakeholders

11 Promote

environmental

lease appendices

12 Motivate buyers

and tenants

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Turning commitment into action A

dopt

ing

a cl

ear

CS

R p

olic

y

Gender equality

► Equality with the executive committee: 3 women and 3 men

► Icade committed to equal opportunities between men and women

► 5 female directors out of 15 board members

Working conditions: 14 agreements signed in 2012 including:

► Harmonising employee statuses

► Employing disabled people

► Employee incentives and profit-sharing

► Employee savings plan

► Prevention of work-related stress

► Retirement savings plan

Supporting employees affected by changes in Icade's scope:

► Support with geographical relocation and changing roles

► Offering transfers within the CDC group using the Mobil'idées system

► Training suited to new functions

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Sample initiative Waste management

Ado

ptin

g a

clea

r C

SR

pol

icy

Property investment:

► Widespread adoption of recycling

► Further progress expected with

environmental lease appendices

Property development:

► In terms of HQE® certification, Icade

always aims for a "très performant"

rating in terms of waste management

Services:

► Raising tenant awareness via an

environmental guide

► Development of environmental lease

appendices

Tour EQHO:

Management of site waste, with various types of

clearing waste (R+9 to R+40) being recycled

Staff plaster 39%

Hazardous waste (HW) including WEEE 10%

Inert waste (IW) 8%

Ordinary industrial waste (OIW) 6%

Special and clear glass 1%

Metals 16%

Clean plaster 20%

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Strong growth in properties with environmental certification

Low average age of portfolio assets:

assets less than 10 years old make up

66% of the portfolio (by value)

HQE® certified properties in use account

for 21%

(excluding Tour EQHO, completed in July

2013)

All Icade programmes have at least HQE®

certification (Millénaire 3 and 4, Veolia, Ilot

E, EQHO etc.)

Properties that are efficient for tenants

► Limited charges (low energy consumption

etc.)

► Optimised occupancy (flexible spaces with

extension possibilities)

216,076

298,290 298,290

358,970

428,810

2012 2013e 2014e 2015e 2016e

The result of this CSR policy can be seen in the quality of buildings

Office properties with HQE certification®

(total space in m²)

Ado

ptin

g a

clea

r C

SR

pol

icy


2 Financial results


4 Appendices

Hospital in Villeneuve Saint-Georges (94)

C o n t e n t s

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Property Investment division Income statement

Growth in rental income from the Property Investment division, resulting from the shift towards commercial property

(1) After elimination of business-line intra-group items

Offices,

France Business parks

Total

Strategic Shopping centres Healthcare Total

Alternative Non-strategic

portfolio TOTAL (1)

June

2012

June

2013

June

2012

June

2013

June

2012

June

2013

June

2012

June

2013

June

2012

June

2013

June

2012

June

2013

June

2012

June

2013

June

2012

June

2013

Rental income 62 58 48 49 110 107 12 13 43 60 55 72 31 22 196 201

Net rental

income 58 52 39 43 97 95 11 11 43 59 54 69 21 13 172 179

RENTAL

MARGIN

94% 90% 82% 88% 89% 89% 91% 84% 99% 99% 97% 96% 67% 61% 88% 89%

(Net rent /

rental income)

EBITDA 53 46 36 43 89 89 11 10 40 55 51 65 21 13 161 167

Operating

profit 32 0 22 19 54 19 3 3 20 29 23 32 36 46 114 97

Fin

anci

al r

esul

ts

€m

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Residential Commercial TOTAL

Change

(%)

Businesses divested

(in 2013)

June 2012 June 2013 June 2012 June 2013 June 2012 June 2013 June 2012 June 2013

Revenue 320 315 143 168 463 483 +4% 9 -

EBITDA 25 11 3 12 28 23 -17% -3 -

EBITDA margin (EBITDA/revenue)

7.8% 3.5% 2.2% 7.4% 6.1% 4.9% -1.2pts NM -

Operating profit 27 11 6 13 33 24 -27% -7 -

Property Development division Income statement

Lower margins in the residential business offset by an improvement in the commercial business

Fin

anci

al r

esul

ts

€m

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Services division Income statement

Structural streamlining now complete

Property management

Advice/ appraisals TOTAL Change

(%)

Businesses divested

(in 2012 and 2013)

June 2012 June 2013 June 2012 June 2013 June 2012 June 2013 June 2012

June 2013

Revenue 17 15 7 6 24 21 -10% 11 2

EBITDA 2 1 -1 -1 1 0 -73% 0 0

EBITDA margin (EBITDA/revenue)

10.8% 6.6% -8.4% -11.0% 5.5% 1.6% -3.9pts 2.2% 7.7%

Operating profit 1 1 -1 -1 1 0 -80% 0 0

Fin

anci

al r

esul

ts

€m

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From operating profit to net profit (group share)

Co

mm

erci

al P

rop

erty

June 2012 June 2013 Change

%

Operating profit - Property Investment 114 97 -15%

Operating profit - Property Development 25 24 -6%

Operating profit - Services 0 0 NA

Icade holding company and intra-group operating profit

14 -3 NA

Icade operating profit 154 119 -23%

Net financial items -52 -53 +4%

- Tax -18 -14 -23%

Net profit 84 52 -38%

- Minorities' share of net profit -3 -8 NA

Net profit (group share) 81 45 -45%

Fin

anci

al r

esul

ts

€m

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Change in consolidated net current cash flow

Consolidated net current cash flow up 9%, mainly due to strong performance in the Property Investment division

113.0

123.5

+6.5

-1.5 -1.1

+4.3

-1.8

+4.1

NCCF H1-2012 EBITDA PropertyInvestment

EBITDA PropertyDevelopment

EBITDA Services Head office costs,intra-group items

and other

Net underlyingfinancial items

Underlyingcorporate income

tax

NCCF H1-2013

Fin

anci

al r

esul

ts

€m

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Total portfolio value Change over the period

Continuing disposals of non-strategic assets

€m (excluding transfer duties)

(1) Buildings at their appraisal value

2,557 2,426 2,423

1,576 1,570 1,603

440 442 446

1,375 1,725 1,845

809 687 429

June 2012 December 2012 June 2013

Business parks Retail and shopping centres Offices, France

Healthcare Non-strategic portfolio

6,746(1)

-1.5%

6,757(1)

+1.4% 6,850

(1)

Strategic

and Alternative

94%

Strategic

and Alternative

90%

Strategic

and Alternative

88%

Fin

anci

al r

esul

ts

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Commercial Property portfolio value Analysis of changes

Like-for-like fall of 0.2% in the value of the Commercial Property portfolio

2,426 2,423

1,570 1,603

442 446

1,725 1,845

430 230 -21 -193

+76 +103

-35

+24

Dec 2012 Disposals ofstrategic assets

Disposals ofnon-strategic

assets

Investments Healthcareacquisitions

Rate effect Business planeffect

June 2013

6,593

6,547

-0.2% like-for-like

and

+0.3% excluding tour EQHO

Change in value on

like-for-like portfolio:

-€11m

Business parks Retail and shopping centres Offices, France

Healthcare Non-strategic portfolio (Offices, Germany and Warehouses)

Strategic

and

Alternative

93%

Strategic

and

Alternative

96%

Fin

anci

al r

esul

ts

€m (excluding transfer duties)

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Commercial Property portfolio value Like-for-like change

Stable yields from the strategic and alternative portfolios

(1) Impact on appraisal value of the revised yields and discount rates used by appraisers

(2) Impact on appraisal value of revised assumptions in building business plans (e.g. rent index, lease renegotiation, adjustment of market rental value, change in vacancy rate, change in construction plans and

unbillable expenses, etc.)

(3) Annualised net rent from rented space plus potential net rent from vacant space at market rental value, divided by appraised value excluding transfer duties of rentable space

Appraisal values (excluding transfer

duties)

like-for-like

Yield

(excluding transfer

duties)(3)

30/06/13 6 months

of which

interest

rate

effect(1)

of which

business

plan

effect(2)

30/06/13 6 months

Offices, France 2,423 -1.1% -1.7% +0.6% 6.8% +8bp

Business parks 1,603 +0.6% -0.2% +0.8% 7.9% +4bp

Total Strategic 4,026 -0.4% -1.1% +0.7% 7.3% +7bp

Shopping centres 446 +0.9% +0.7% +0.2% 6.3% +6bp

Healthcare 1,845 +0.6% +0.4% +0.2% 6.9% +3bp

Total Alternative 2,291 +0.6% +0.5% +0.1% 6.8% +4bp

Non-strategic portfolio 230 -4.0% -1.2% -2.8% 10.0% -56bp

Total 6,547 -0.2% -0.6% +0.4% 7.2% - 8bp

Fin

anci

al r

esul

ts

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Analysis of change in EPRA triple net NAV per share

2.2% decrease in EPRA triple net NAV per share due to the €3.64 dividend payment

and the value adjustment on Tour EQHO

80.7 78.9

-3.6

+0.9 +0.1

-0.5

+0.2

+1.2

-0.1

Dec 2012 2013 dividend Consolidated

profit Change

in gains on

total portfolio

Change

in gains on

development

and services

companies (1)

Change

in fair

value of

derivative

instruments (2)

Other June 2013

(1) The valuation method used is based mainly on a discounted cash flow (DCF) model over the period of each company's business plan, together with a terminal value based on normalised cash flow growing

in perpetuity. Among the financial parameters used, the weighted average cost of capital was lower than that measured at end-2012: between 8.82% and 12.49% for development companies and between

7.96% and 10.40% for service companies. The enterprise value of development and service companies increased by 7.5%. After deduction of net debt, the equity value of development and service companies

comes to €418.1m versus €426.7m at 31 December 2012. Adjusted for the disposal of Arcoba, Sethri and Suretis, the value of equity was stable.

(2) Change in fair value of derivatives and fixed-rate debt

Impact

of the sale

of shares in

Icade Santé

Fin

anci

al r

esul

ts

€/share

Clinique de l'Union (Toulouse, 31)


2 Financial results


4 Appendices

C o n t e n t s

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3 Architect: Hubert & Roy Architectes

Height: 139m

Number of floors: Ground+40;

4 basement levels

Floor space: 79,200m² gross rentable area

Car park: 1,100 spaces

Employee capacity: up to 5,922 workstations

(9.2 m² net usable space / workstation)

Opp

ortu

nitie

s an

d st

reng

ths

Tour EQHO A major source of cash flow for Icade

A tower transformed, a renaissance, a new product

► A new luminous facade, highly contemporary, making a real architectural statement

► Modification of access and redesign of lobbies

► Total replacement of technical equipment

► Diversification and innovation in catering

► Exceptional services

► Increased flexibility: multi-tenant potential

► Cumulative amount of work at 30/06/2013 = €307m

Strong visibility ► Standing on the La Défense ring road

► Located just off the La Défense plaza, with direct connections

to Courbevoie town centre and its shops, as well as to the shopping centres

of La Défense

Very high standards ► A breathable triple skin

► Construction work certification: a high proportion (95%) of office space with outside

view

► Excellent noise insulation

Environmental certification HQE® Rénovation and BREEAM®-Very Good certification / BBC Rénovation energy certification

A major source of cash flow for Icade

► Impact of IBM's departure in 2009 offset by the acquisition of Compagnie

la Lucette in 2010

► Potential headline rent of around €40m

► Limited vacancy cost: maximum annual post-completion impact of €8m

(€3m in 2012, additional €5m over a full-year)

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A sector with attractive features for investors

► Attractive yields, secured by long-term leases (12-year commitments)

► Triple net index-linked rents (606 paid by tenant)

► Appraised values show low volatility relative to other segments, with yields ranging between 6.5% and 7%

in the last four years

► No vacancies

► Assets protected by operating licences

► Solid, sustained growth in demand for healthcare properties due to socio-demographic factors (population

ageing, increasing quality of life, medical progress etc.)

► France is Europe's second-largest healthcare market, with total healthcare spending equal to 11.8% of GDP

► 16.6% of the population was aged over 65 in 2010, and 20.1% will be by 2020

► Private healthcare is cheaper for local authorities than public healthcare, and forms a crucial part of the healthcare market

Investment opportunities

► Operators' strategy is based on outsourcing property requirements in order to free up the resources needed

to invest in equipment and acquisitions

► The main operators (healthcare providers and medico-social operators) still own almost €4bn of property

Liquidity enhanced by the development of healthcare property as an asset class in its own right

► Several operators regularly carrying out transactions (property investment companies and funds)

► €425m of transactions completed in the first half of 2013, of which 40% between investors

Opp

ortu

nitie

s an

d st

reng

ths

Icade Santé The market

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Icade leads the French healthcare property market ► Result of a strategy adopted in 2007 aimed at diversifying

Icade's cash flows

► Part of Icade's move to focus on commercial property

€360m raised in 2012 and €110m raised in H1-2013 by

selling shares in Icade Santé to institutional investors ► The only investment vehicle of its kind in the market, allowing

the financing of growth in the portfolio

► Diluting Icade (current stake around 57%), while maintaining

the contribution from healthcare property to cash flow

► Sharing management costs

Clear investment criteria ► Focus on MSO (medicine, surgery and obstetrics), FRC

(follow-up and rehabilitation care) and MHE (mental health

establishments) facilities: good momentum in terms of

outsourcing by operators, and with a better risk/return profile

► Located in attractive and growing regions for healthcare

(Western France, Paris region)

► Priority for large facilities (over 150 beds in the MSO segment)

► Long-term viability of tenant operators:

► Rent/Revenue between 6% and 22% (in the MSO segment)

► EBITDA/Rent around 2x

► Yield at purchase between 6.6% and 8.0%

Opp

ortu

nitie

s an

d st

reng

ths

Icade Santé A leading position

€ m 31/12/11 30/06/12 31/12/12 30/06/13

Net rental income 61.0 42.5 90.5 58.9

EBITDA 55.9 40.2 85.4 55.4

Operating profit 29.0 19.8 43.3 28.9

Net current cash flow

of which Icade share (1)

38.7

38.7

29.7

24.4

66.6

50.2

44.9

29.3

Portfolio value 1,317.0 1,374.9 1,724.5 1,844.9

Net debt 749.9 502.5 683.9 684.8

NAV 554.2 848.8 1,032.3 1,151.0

LTV 56.9% 36.5% 39.7% 37.2%

Key figures

19 45 56

86 114

127

126

536 661

829

1,317

1,725 1,845

2007 2008 2009 2010 2011 2012 30/06/13

€m

Annualised recurrent rental income

and portfolio value since 2007

After restatement for minority share holders, Icade Santé's contribution to Icade's cash flow

was up on average by 13% compared to H1-2012

(1) Including management fees

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Icade Santé Assets at 30 June 2013

* MSO: Medicine, surgery, obstetrics

** FRC: Follow-up and rehabilitation care

*** MHE: Mental health establishment

58 establishments - 9 partner operators

Value excluding transfer taxes €1.84bn - €127m of annual rental

income - 6.9% yield excluding transfer taxes

Average remaining lease period: 9 years 4 months

Breakdown by operator as %

of total portfolio value

Opp

ortu

nitie

s an

d st

reng

ths

Gén. de Santé 28%

Vedici 29%

Médi-Part. 25%

Harpin 6%

3H 5%

Clinipôle 3%

C2S / Clinicé

2%

Ramsay 2%

One of Icade Santé's strengths in terms of counterparty risk is the diversity

of its portfolio in terms of location and operators, which dilutes risk

Nancy

Clermont-Ferrand St Etienne

Brest

Les Sables d’Olonne

La Roche sur Yon

Poitiers

Toulouse

Agen

Aire sur l’Adour

Pau

Orléans

Chartres

Laval

Roanne

Arras

Nantes

Villeneuve d’Ascq

Bordeaux

Saintes

Niort

Toulon

Valenciennes

Vendôme

Bergerac

Montauban

Montpellier

Angoulême

Limoges

Dunkerque

Soissons (ESM)

Le Mans

Brive

Nancy

Clermont-Ferrand

Trappes

Le Chesnay

Champigny/Marne

Nogent/Marne

Le Bourget

Bry/Marne

Drancy

Charenton

Vitry/ Seine

46 MSO* clinics acquired

12 FRC** and MHE*** centres acquired

Investments in H1 2013

City Operator Type € m

Centre de Néphrologie Les Fleurs Ollioules (83) Médi-Partenaires MSO 13

Clinique de l’Union St-Jean (31) Ramsay Santé MSO + FRC 38

Hôpital Privé de la Loire St-Etienne (42) GdS MSO 58

Work on assets Miscellaneous Miscellaneous MSO 9

Total 118

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Combination with Silic Compelling industrial logic

Strategy focused on securing recurrent cash flow through a portfolio of offices /

business parks in the heart of Greater Paris ► Recently built properties and new developments, meeting the toughest environmental standards, located

in the main business districts of the Paris region, benefiting from recent or upcoming public transport

developments

► Properties well suited to demand, with rents mainly in the €150-400/m² range

► Solid rental base with annualised rental income of around €570m, with a positive letting trend that was

confirmed in 2012

Well managed pipeline and prospects of further value creation ► Almost 2 million m² of buildable land reserves

► Changes driven by changes in demand and disposals of mature and/or non-strategic properties

Staff with acknowledged expertise ► Staff operating across the real-estate value chain (development, design, project ownership, marketing,

administrative and technical management), with an acknowledged track record

► Workforce integration made simpler by integrated organisations and cultural similarities

Higher stockmarket profile ► Combined market capitalisation of €5bn (at current prices)

► Free float increased from €1.5bn to €2.3bn

► Higher index weightings (EPRA, MSCI, SBF etc.)

► Stable LTV

Opp

ortu

nitie

s an

d st

reng

ths

A solid track record and a clear strategy

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Combination with Silic Change in Icade’s profile

The business combination with Silic marks a new stage

in Icade’s growing focus on property investment and commercial property

(1) Silic figures at 31 December 2012

Icade at 30 June 2013

Combination with

Silic

Icade + Silic

combined (1)

Total portfolio (excluding transfer taxes) €6.7bn €10.1bn

of which Offices, France and Business Parks €4.0bn 60% €7.0bn 69%

Annualised recurrent rental income €384m €567m

Property Investment division -

proportion of EBITDA in H1-2013 89% 92%

Property Investment division -

proportion of NAV in H1-2013 92% 95%

Opp

ortu

nitie

s an

d st

reng

ths

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3

€7bn portfolio of office buildings and business parks

in the Paris region (1) Values excluding transfer duties at 30 June 2013

Business parks

24%

Offices, France

36%

Retail

and shopping

centres

7%

€6.7bn

60%

Paris

26%

Western Crescent

25%

Other

1% €4.0bn

Paris region

99%

La Défense

18%

Inner and

outer suburbs

30%

Retail

3% Offices

8%

Business

parks

80%

€3.4bn

88%

Paris Nord

St Denis

17%

€3.0bn

Paris region

100%

Nanterre / A86

47%

Orly-Rungis

36%

Healthcare

18%

Offices,

France

27%

Business parks

43%

Paris

15%

Western

Crescent

34%

Other

1%

La Défense

10%

Inner and

outer suburbs

40%

Icade + Silic Silic (2) Icade (1)

Non strategic

6%

Healthcare

27%

Non strategic

7%

Non-strategic

parks 9% Retail and

shopping

centres

5%

€10.1bn

€7.0bn

70%

Paris region

99%

Opp

ortu

nitie

s an

d st

reng

ths

Combination with Silic Combined group's assets

(2) Values excluding transfer duties at 31 December 2012

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3 O

ppor

tuni

ties

and

stre

ngth

s Combination with Silic

A balanced business model, based on complementary activities

A property manager/developer taking advantage of the Grand Paris transport project

to generate sustainable strong growth over the long term

Gradual refocusing via disposals of non-strategic assets and a portfolio turnover policy generating

resources to finance development and the shift towards commercial property (business parks and offices)

Breakdown

of the

combined

entity's

portfolio

An

appropriat

e strategy

for each

asset class

High-quality business

parks in the Paris region,

with significant potential

for value creation

► Orly-Rungis

► Portes de Paris

► Roissy-Paris Nord 2

► Millénaire

► Pont de Flandre

► Colombes

► Nanterre Préfecture

► Nanterre Seine

► Mauvin

Long-term development of

business parks

► Management based on a

business-park approach (clearly

defined and consistent properties)

Large land bank, providing a

source of growth

► Shift towards commercial property

and higher site density

One of the largest office

portfolios in the Paris

region, with key positions in

Paris, La Défense, the

Western Crescent and the

inner suburbs

► Crystal Park, EQHO, Villejuif, H2O

etc.

► Saint-Denis

► Immeubles Axe Seine, Nacarat

Maximising asset value

through medium-term

portfolio turnover

► Creating value by acquiring,

refurbishing and maximising the

rental potential of each asset

► Active policy of selling mature

assets

Public-sector and

healthcare facilities across

France

► Clinics and aftercare facilities

Retail

► Le Millénaire shopping centre

► Odysseum shopping centre

► Fresnes retail park -

La Cerisaie

► Mr Bricolage portfolio

Recurring cash flow, stable

and secure over the long

term

► Attractive long-term yields

► Focus on supporting tenants

► Opportunistic approach to selling

Diverse asset classes and

locations in France and

Germany

► Warehouses

► German offices

► Non-core business parks:

Villebon-Courtaboeuf,

Evry-Courcouronnes,

Cergy St Christophe and

Antony

► Residential

Non-strategic assets due to

be sold gradually

► Maximising value

before disposal

► Cash flow and disposal proceeds

financing the development of

business parks and offices

Non strategic Alternative investments Offices Business parks

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3 O

ppor

tuni

ties

and

stre

ngth

s

Creating value in business parks by converting buildings for commercial use

Source: Icade at 30/06/2013 and Silic at 31/12/2012

(1) Offices as a % of floorspace

(2) The size of the circle reflects the value of the business park excluding transfer duties (in € m)

Orly Rungis

Nanterre A86

Roissy Paris Nord 2

Other Silic parks

Parc des Portes de Paris

Parc du Millénaire

Parc du Pont de Flandre

Parc du Mauvin

-

2 000

4 000

6 000

- 20% 40% 60% 80% 100%

Va

lue

per

m²

(exc

lud

ing

tra

nsfe

r d

uti

es)

(€/m

²)

Office share (%) (1) (2)

Combination with Silic Illustration of value creation expertise

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3 O

ppor

tuni

ties

and

stre

ngth

s

Roissy / Paris Nord

Cergy

Evry

Courcouronnes

Villebon-Courtabœuf

Orly

Rungis

Maisons-Alfort

Villejuif

Issy-les-Moulineaux

Boulogne-Billancourt

St-Denis

19

Aubervilliers

15

8 Paris

Rueil-Malmaison Neuilly

Nanterre

Puteaux

>€100m

€50-100m

€0-50m

Business parks - Silic

Offices - Icade

Business parks - Icade

H2O (Rueil-Malmaison)

Grand Axe building (Nanterre)

Tour EQHO (La Défense)

(Cergy) Roissy-Paris Nord 2 business park (Roissy)

La Factory (Boulogne) Charmille (Courtaboeuf) Le Garonne, Metropolitan

(Villejuif) L'Opéra, Metropolitan (Villejuif) (Evry)

Le Millénaire (Paris 19th)

Le Millénaire shopping centre (Aubervilliers)

Montreal building (Orly-Rungis business park)

Paris-Saint Denis business park (Saint Denis)

La Cerisaie (Fresnes)

Combination with Silic Ideally located assets

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stre

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Assets suited to demand

Modern buildings:

assets less than 10 years old make up 60%

of the portfolio (by value)

HQE® certified properties in use account

for 18%

(excluding Tour EQHO, due for completion

in 2013)

All programmes have at least HQE®

certification (Millénaire 3, Veolia, Ilot E,

EQHO, Sisley, Monet etc.)

Properties that are efficient for tenants

► Limited charges (shared charges, low energy

consumption etc.)

► Optimised occupancy rates (flexible spaces with

extension possibilities)

High-quality portfolio... ... with rents in line with

companies' expectations

84% of space

let for less

than €400/m²

0 100 200 300 400

< 200

200 - 300

300 -400

400 - 500

>500

thousands of m²

Rent (€/m2)

Space

Commercial offering in line with tenant needs

Icade parks Silic parks Icade offices Silic offices

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Main tenants (excluding Icade Santé) Occupancy rate (1)

Tenant % of total rental

income

1 GIE AXA FRANCE 9.3%

2 PWC 5.0%

3 CREDIT AGRICOLE SA 4.5%

4 MINISTRY OF THE INTERIOR 2.6%

5 MR BRICOLAGE GROUP 2.1%

91.0%

94.7% 94.8% 95.9%

86.0% 85.3%

87.2% 87.2% (2)

Dec 10 Dec 11 Dec 12 June 13

Icade Silic

(1) Financial occupancy rate for Icade and physical occupancy rate for Silic

(2) Silic figures at 31/12/2012

Lease expiry schedule (% of annualised rent)

0%

10%

20%

30%

40%

2013 2014 2015 2016 2017 2018 2019 2020 2021 >2021

Icade + Silic

Next break

Combination with Silic A stronger commercial offering

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Orly

Maisons-Alfort

Orly

Prospects of further value creation with nearly 2 million m² of buildable land reserves

Transactionsunderway

Transactionsidentified andunder control

Buildable landreserves

Transactions underway

Paris

Nanterre

Rungis

Aubervilliers

St-Denis

Transactions identified and under control

Transactionsunderway

Transactionsidentified andunder control

Buildable landreserves

Icade

Silic

68,000m²

89,700m²

121,000m²

53,100 m²

79,200m² 1,020,000 m²

900,000m²

12,000m²

La Défense

La Défense

Nanterre / Colombe

Orly - Rungis

Paris / Plaine Commune

Roissy / Paris Nord

Combination with Silic Summary of the pipeline

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stre

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s An excellent position with respect to

the Grand Paris project

Grand Paris Express is a project to modernise and develop the Paris region's

transport system ► Around 175 of new metro lines and 57 new stations

► An investment of €30bn in several phases between now and 2030, with the first metro lines due to be operational in 2017-18

Increasing appeal of the areas where development work is taking place ► Positive impact from the roll-out of public transport infrastructure

► Undeniable advantages for the property sector: improved access to properties, increased demand from owner-occupiers and

greater traffic for retailers, generating a potential rise in rents and higher property values

► Increased value of sites due to the combination of higher density authorised by town planning authorities and greater potential

profits from development projects In addition, shift in business parks to office use

Silic and Icade are the best placed of all French property companies

to capitalise on the Grand Paris project(1)

► Icade and Silic together have the highest proportion of properties close to Grand Paris Express stations

► Exposure of Icade and Silic sites to the first line openings (Blue Line North, Red Line South and RER E West)

► Exposure of Icade and Silic sites to areas likely to benefit from transport network improvements (e.g. Villejuif L. Aragon, Parc

des Expositions)

Excellent geographic fit between Icade and Silic sites ► Icade in Northeast Paris

► Silic in Orly-Rungis, La Défense/Nanterre A86 and Roissy/Charles de Gaulle

(1) See J.P. Morgan report of 11 February 2013

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Outlook

Realising improvements that will support future growth in net current cash flow over the medium term

► Letting of existing properties

► Development of major projects secured in 2011 and 2012

► Firm control over the pipeline: new value-creating operations launched in line with demand

► Securing the positive contribution of the Development division

► Reduced cost of debt due to the diversification policy

Current acquisition of Silic, which will enhance cash flow

Dividend to move in line with net current cash flow

LTV to be held at around 40%

Opp

ortu

nitie

s an

d st

reng

ths


2 Financial results


4 Appendices

C o n t e n t s

Hospital in Neuilly-sur-Seine (92)

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Commercial property commitments

in France by half-year period (1)

0

5

10

15

20

25

30

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

H1 H2

5,7

Yield on "prime" office properties in Paris CBD

OAT TEC 10

3-month Euribor

4.25%

0.22%

2.39%

14.5

(€bn)

French commercial property market A

ppen

dice

s

(1) Source: CBRE, Richard Ellis

(2) Source: Banque de France

Comparison of yields

(at end of period) (2)

30/06

2012

30/06

2013

West Central Paris 5.4% 5.6%

South Paris 3.7% 3.3%

Northeast Paris 3.2% 3.6%

Paris average 4.5% 4.5%

La Défense 6.9% 7.6%

Western Crescent 11.0% 11.5%

Inner suburbs, North 10.9% 10.3%

Inner suburbs, East 7.6% 7.5%

Inner suburbs, South 7.1% 7.9%

Outer suburbs 5.6% 5.5%

Total Paris region 6.6% 6.7%

Vacancy rates

in the Paris region (1)

Paris region

in the Paris region between 2000 and H1 2013 (1)

€689

€460

€293

€200

€400

€600

€800

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 H1 2013

"Prime" West Central Paris "Prime" La Défense Average Paris region

€ / m² / year, excluding VAT and charges

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2012 saw a sharp fall in property development activity, particularly

because of falling demand for new residential properties. Sales of

new homes continued to decline in Q1-2013, and the supply of new

homes fell sharply.

Net sales down 6.9% relative to Q1-2012

New residential offers for sale down 33.2% relative to Q1-2012

Commercial supply up 12.2% relative to Q1-2012, representing

15.1 months of sales based on the last observed quarter.

The low general level of sales, particularly regarding sales to

investors, was due to the combined effect of:

► The new Duflot regime, under which marketing of properties did not

really start until mid-February;

► Relatively low demand for new homes among first-time buyers, due to

the significant fall in support resulting from the reform to PTZ+ (0%

interest) loans in late 2011 and 2012;

► Widespread hesitancy among buyers given the worrying economic

environment, even though financing costs are at all-time lows;

► Ongoing high prices, due to higher land costs and rising construction

costs, which are being pushed upward by tougher standards and

technical regulations, even though these are no longer increasing the

quality of housing;

► Tougher lending criteria being applied to buyers.

French residential property development market

Building starts and building permits granted

(all France) (1)

(1) Sources: MEEDDAT/SESP, SOeS, FPI, CBRE, CF

(1)

(1) Commercial supply consists of housing units under construction, in design, or completed

(number of housing units)

(by developers, developments of at least 5 units)

(number of housing units)

548 456

397 454

535 514 500 435

369 333 346

421 360 338

0

200 000

400 000

600 000

2007 2008 2009 2010 2011 2012 Apr 2013

Building permits Building starts

0

50 000

100 000

150 000

200 000

2Q002Q012Q022Q032Q042Q052Q062Q072Q082Q092Q102Q112Q121Q13

New offers of sale Sales Commercial supply

0

50 000

100 000

150 000

00 01 02 03 04 05 06 07 08 09 10 11 12

Sales to investors Sales to occupiers Total sales

(by developers, developments of at least 5 units, cumulative over 12 months)

New residential offers for sale, sales and units

under construction in France (1)

Residential sales volume (1)

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0 2 4 6 8 10 12

Portfolio breakdown

Value creation potential Strategic

Healthcare: clinic portfolio created in less than

5 years, with initial lease durations of 12 years,

generating immediate and sustainable cash flow.

Shopping centres: assets developed

in partnership with the Property Development

division.

3 main principles:

- Optimisation, rotation (sale of mature assets),

- Rationalisation (sale of small or

jointly-owned assets),

- Shift to commercial property (sales of assets no

longer forming part of the core business).

Arbitrage

Alternative

Security of cash flow (average committed duration of leases in

years)

Offices, France: a high quality portfolio,

with an average lease term of 5 years, generating

reliable cash flow.

Business parks: strong potential for organic growth

(1 million m² of land reserves), generating future

cash flow

and strong value creation.

App

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Icade’s strategy is to create and develop portfolios of complementary assets, with the potential to create

significant value over the medium term, in market segments where Icade already has leading positions

and where cash flow is reliable

This growth strategy has been confirmed by asset allocation choices and gradual withdrawal

from segments that do not constitute core assets, such as German office buildings, logistics platforms

and residential property

Offices,

Germany

€182m

Warehouses

€48m

Residential

€199m

Healthcare

€1,845m

Shopping centres

€446m

Offices, France

€2,423m

Business

parks

€1,603m

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Main features of the portfolio

(1) Including land reserves and projects in development for €733m (2) Including €5.8 million of revenue from 4 consolidated PPP assets, which are not present in other indicators

Figures at 30 June 2013

Portfolio

value

excl.

duties(1) (€m)

Rentable

space (m²)

Rented

space (m²)

Financial

occupancy

rate (%)

IFRS rental

income,

annualised (€m)

Remaining

committed

lease

term (years)

Net yield

(excluding

transfer

duties) (%)

Offices, France 2,423 305,161 290,660 96.9% 120.0(2) 5.4 6.8%

Business parks 1,603 476,904 444,281 91.5% 96.1 3.9 7.9%

Shopping centres 446 211,346 208,620 96.7% 24.7 4.6 6.3%

Healthcare 1,845 860,570 860,570 100.0% 126.7 9.4 6.9%

Non-strategic commercial 230 257,839 199,292 84.8% 16.1 6.1 10.0%

TOTAL COMMERCIAL

PROPERTY 6,547 2,111,819 2,003,423 95.9% 383.6 6.3 7.2%

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3 Pipeline 2013-2016

Summary of investment flows

€m

Total: €400m

Business parks

€330m

Healthcare €70m

Breakdown by year and asset type Breakdown by major project

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endi

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26

S2 2013 2014 2015 2016

37 43 71 59

2013 2014 2015 2016

Millénaire 3

Clinics /

extensions

Bu

sin

ess

par

ks

Hea

lth

care

21 32 17

2013 2014 2015 2016

Veolia project

102 126 114 59

2013 2014 2015 2016

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Parc du

Mauvin

Parc des

Portes de Paris

Parc du

Pont de Flandre

Parc du

Millénaire (inc.

Millénaire 5 & 6)

Total business

parks

Space (offices + light industrial areas)

22,000 m2 320,800 m2 90,500 m2

75,200 m2

508,500 m2

Valuation (excl. transfer

duties) €27m €676m €402m €322m

€1,427m (excl. land reserves and

development)

Valuation / m2 €1,658/m² €2,140/m² €4,438/m² €4,835/m² €2,915/m²

Yield 8.6% 8.7% 7.3% 6.8% 7.9%

Average rent / m2 €160/m² €178/m² €309/m² €327/m² €223/m²

Occupancy rate 93% 92% 84% 99% 92%

Main tenants

TGI

Icade business park features A

ppen

dice

s

http://www.orthez-citadine.fr/upload/adherents/Alain-Afflelou/logo_Afflelou.png

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Signed agreements showing the appeal of the area and supporting its appraisal value

Managing risk Business parks: secured projects

Veolia Environnement will relocate its head

office in 2016, bringing together more than

2,000 staff

► Off-plan lease signed in January 2013

for 45,000 m² of office space (lease term: 9

years / rent: €16.5m)

► Featuring the latest environmental and energy-

performance technologies (HQE® and BREEAM®

Very Good certification)

In 2015, France's Ministry of Justice will

relocate 1,600 central government staff,

currently spread out over several sites within

Paris

► December 2011: signature of heads of

agreement with the government for a lease plus

option to buy relating to Millénaire 3 (32,000 m2)

- lease term: 12 years / rent: €11.6m

► Start of work: early 2013

► Expected completion: April 2015

► HQE® and BREEAM®-Excellent certification

BBC certification

Architect: Cabinet KPF

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endi

ces

Architect: Dietmar Feichtinger

M2 M1

M5

M6

M4 M3

SAINT

DENIS

PARIS

AUBERVILLIERS

Shopping centre

Le Millénaire

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Millénaire 4 Îlot E

Space: 24,800 m²

Rent: €8.8m (€350 per m² of office space)

Cost: €109m (including assistance measures and land

cost)

Estimated yield to cost: 8.1%

Completion: 24 months after launch decision

Building permit obtained and cleared

Environmental certifications: HQE®, BREEAM®, BBC,

RT 2012

Space: 28,300 m²

Rent: €8.7m (€300 per m² of office space)

Cost: €107m (including assistance measures and land

cost)

Estimated yield to cost: 8.1%

Expected completion: 30 months after launch

decision

Building permit obtained and cleared

Innovative building - wooden structure and façades

Managing risk Business parks: projects under control

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Environmental certifications: HQE®, BREEAM®

Excellent, BBC, RT 2012

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Consolidated NCCF(1) 113 123

+9.3%

NCCF(1) restated for minority share holders of Icade Santé

108 108 +0.2%

NCCF(1) restated for minority share holders of Icade Santé per share(2)

2.08€ 2.08€

Icade key figures

€ m 30/06/12 30/06/13 %

Revenue 683 696 +1.8%

EBITDA

180 188 +4.5%

Profit on disposals 60 39 -34.3%

Operating profit 154 119 -22.9%

Net financial items -51 -53 +3.5%

Net profit (Group share)

81 45 -45.1%

€ m 31/12/12 30/06/13

Net debt 2,725 2,662

Appraisal value 6,850 6,746

Loan To Value (LTV) 39.8% 39.5%

EPRA triple net NAV

4,190 4,079

EPRA EPRA triple net NAV per share(3)

€80.7 €78.9

(1) NCCF: Net Current Cash Flow

(2) Average fully-diluted number of shares excluding treasury shares: 51,762,193 for the first half of 2012 and 51,807,791 for the f irst half of 2013

(3) Fully-diluted number of shares excluding treasury shares and dilutive instruments: 51,943,243 at 31 December 2012 and 51,711,090 at 30 June 2013

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Rental income trends

Rental income trends between June 2009 and June 2013 (€m)

210 211

178

196 201

+1 -0 +5

-38

+3

+15

+4 +1

June 2009 Like-for-likechange

Change fromacquisitions

anddisposals



anddisposals



anddisposals



anddisposals

June 2013

+0.6%

like-for-

like

+2.4%

like-for-like

+1.6%

like-for-like

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+1.8%

like-for-like

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€ m June 2012 June 2013 %

EBITDA 180 188 +4.5%

Net underlying financial items -51 -53 +3.5%

Corporate income tax(1) -18 -14 -22.7%

Tax on depreciation provision recognised on customer contracts and on net change in provisions on investment - Property Development division

1 0 NA

3% tax on dividend payments 0 3 NA

Capital gains tax on disposals 1 -1 NA

Underlying income tax -16 -12 -26.2%

Net current cash flow 113 123 +9.3%

Analysis of net current cash flow June 2012 – June 2013

(1) Corporate income tax results from Icade's property development and services businesses, and from its holding company activities.

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EPRA triple net NAV

- 13 - 14 -12

2,646 2,637 2,547

1,523 1,496 1,500

33 71 44

June 2012 Dec 2012 June 2013

4,190 Or €80.7 per share

4,189 Or €80.8 per share

€ m

-0.2%

Unrealised gains on Property Development / Services

Unrealised gains on property assets net of transfer duties

Shareholders’ equity (+ FMV of debt and impact of dilution)

Tax on property assets and companies

4,079 Or €78.9 per share -2.2%

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30/06/13 31/12/12 Change over

6 months (%)

30/06/12 Change over

full year (%)

EPRA single net NAV

group share (€m) 4,224 4,400 -4.0% 4,401 -4.0%

EPRA triple net NAV

group share (€m) 4,079 4,190 -2.6% 4,189 -2.6%

Number of shares

(fully diluted) 51,711,090 51,943,243 51,833,763

EPRA single net NAV

per share (group share in €) 81.7 84.7 -3.6% 84.9 -3.8%

EPRA triple net NAV per share (group share in €)

78.9 80.7 -2.2% 80.8 -2.4%

EPRA Net Asset Value A

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Yields (1) excluding transfer duties

6.8

% 7.7

%

6.7

%

6.9

%

8.6

%

7.3

%

6.8

% 7.6

%

6.5

%

6.8

%

9.3

%

7.2

%

6.8

% 7.6

%

6.1

%

6.8

%

9.0

%

7.1

%

6.9

% 7.8

%

6.2

%

6.7

%

9.5

%

7.2

%

6.7

% 7

.8%

6.2

%

6.9

%

10

.5%

7.2

% 6.8%

7.9%

6.3%

6.9%

10.0%

7.2%

Offices, France Business parks Shopping centres Healthcare Non-strategic commercial Total commercial property

31/12/2010 30/06/2011 31/12/2011 30/06/2012 31/12/2012 30/06/2013

(1) Annualised net rent from rented space plus potential net rent from vacant space at market rental value, divided by appraisal value

excluding transfer duties of rentable space

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Revenue and EBITDA

(20) (12)

35 23

472 483

197 201

June 2012 June 2013

683 696

+2%

+2%

5%

29%

69%

3%

29%

69%

-2% -3% (7) (3)

2 1 25 23

161 167

June 2012 June 2013

180 188

+5%

+4%

-6%

89%

1%

89%

0% -1% -4%

EBITDA Revenue

Property Investment Property Development Services Other (1)

(1) Icade SA and intra-group inter-business line

14% 12%

€m

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+2%

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Breakdown of capital employed by business line

Portfolio value excluding transfer duties

Enterprise value of development companies

Enterprise value of service companies

€40.6m

0.5%

€429.8m

5.9%

€6,849.7m

93.6%

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December 2012

€6,746.4m

93.0%

€462.9m

6.4%

€42.8m

0.6%

June 2013

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Support functions

June 2012 June 2013

(€m) Property

Investment

Property Developm

ent Services

Intra-group

Holding company

ICADE Property Investme

nt

Property Developme

nt Services

Intra-group

Holding company

ICADE

Revenue 197 472 35 -22 2 683 201 483 23 -16 5 696

Operating expenses -24 -425 -27 19 -1 -458 -22 -434 -17 14 -1 -460

Support functions recurrent expense

-11 -22 - 6 - -2 -42 -11 -25 -6 - -1 -43

Support functions expense net of net non-recurring income

- - - - -3 -3 - -1 - - -4 -4

EBITDA 161 25 2 -3 -4 180 167 23 1 -2 - 1 188

Depreciation and impairment expense net of reversals

-86 1 - 1 1 - 1 -86 -109 1 0 0 - 1 -109

Gains on disposals 39 - - 1 21 60 39 - - 1 0 39

Operating profit 114 25 0 -2 16 154 97 24 0 0 - 2 119

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130725 - presentation of the half-year results 2013 icade – vuk

Economy & Finance

csr governance policy

excluding transfer duties

solid financial position

including assistance measures

low energy consumption

financial occupancy rate

minority share holders

excluding tour eqho